{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{8}{c}}
\toprule
                    &\multicolumn{8}{c}{Dependent variable: $X_{ni}/X_n$}                                                                                                                         \\\cmidrule(lr){2-9}
                    &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
$\delta^c \times z_{ni}^{(1)}$&      -0.039\sym{**} &                     &      -0.016         &                     &      -0.040\sym{***}&                     &      -0.018         &                     \\
                    &     (0.014)         &                     &     (0.016)         &                     &    (0.0087)         &                     &    (0.0095)         &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(1)} \times (K/Y)_{n}^{US}$&     -0.0047         &                     &     -0.0052         &                     &                     &                     &                     &                     \\
                    &    (0.0097)         &                     &    (0.0097)         &                     &                     &                     &                     &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(2)}$&                     &      -0.012         &                     &      0.0060         &                     &      -0.042\sym{***}&                     &      -0.024\sym{**} \\
                    &                     &    (0.0079)         &                     &     (0.010)         &                     &    (0.0081)         &                     &    (0.0087)         \\
\addlinespace
$\delta^c \times z_{ni}^{(2)} \times (K/Y)_{n}^{US}$&                     &      -0.027\sym{**} &                     &      -0.027\sym{**} &                     &                     &                     &                     \\
                    &                     &    (0.0086)         &                     &    (0.0087)         &                     &                     &                     &                     \\
\addlinespace
$FINDEV^c \times z_{ni}^{(1)}$&                     &                     &       0.041\sym{***}&                     &                     &                     &       0.041\sym{***}&                     \\
                    &                     &                     &     (0.012)         &                     &                     &                     &     (0.012)         &                     \\
\addlinespace
$\log GDPC^c \times z_{ni}^{(1)}$&                     &                     &       0.093         &                     &                     &                     &       0.093         &                     \\
                    &                     &                     &     (0.076)         &                     &                     &                     &     (0.076)         &                     \\
\addlinespace
$FINDEV^c \times z_{ni}^{(2)}$&                     &                     &                     &       0.032\sym{***}&                     &                     &                     &       0.032\sym{***}\\
                    &                     &                     &                     &    (0.0094)         &                     &                     &                     &    (0.0094)         \\
\addlinespace
$\log GDPC^c \times z_{ni}^{(2)}$&                     &                     &                     &       0.074         &                     &                     &                     &       0.074         \\
                    &                     &                     &                     &     (0.054)         &                     &                     &                     &     (0.054)         \\
\addlinespace
$\delta^c \times z_{ni}^{(1)} \times (R\&D)_{n}^{US}$&                     &                     &                     &                     &     -0.0080         &                     &     -0.0075         &                     \\
                    &                     &                     &                     &                     &    (0.0056)         &                     &    (0.0057)         &                     \\
\addlinespace
$\delta^c \times z_{ni}^{(2)} \times (R\&D)_{n}^{US}$&                     &                     &                     &                     &                     &      0.0074         &                     &      0.0076         \\
                    &                     &                     &                     &                     &                     &    (0.0049)         &                     &    (0.0049)         \\
\midrule
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Upstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Downstream $\times$ Country FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule$R^2$       &       0.537         &       0.537         &       0.537         &       0.536         &       0.537         &       0.537         &       0.537         &       0.536         \\
Observations        &      133525         &      133525         &      132300         &      132300         &      133525         &      133525         &      132300         &      132300         \\
\bottomrule
\end{tabular}
}
